After the disarmament of the Lefis and a volatile week in the peso market, the Ministry of Finance is expected to try to lower interest rates and for this it should return some liquidity.
The next one Bond and letters tender in pesos that the Ministry of Economy will carry out This Tuesday it will be an opportunity to decompress the rate of rates of interest which remained as a result of the Lefis Retirement Strategy as a montary regulatory instrument that the BCRA delivered every day to the banks at the end of the day.
In the market it is expected that the secretary of Finance, Pablo Quirno, tries to offer less yields for the short stretch bonds and along with it, Renew below the $ 11 billion that expires until the end of the month. With this, when returning some liquidity, the operators expect the level of rates to fall more than they closed on Friday.
Ignacio Murua, QuickTrade SBS Financial Advisor points out that one of the stars of the week were the rates in pesos. “With the disarmament of Lefis de los Bancos the market of local short rates became extremely volatile And he presented interesting opportunities for investments in pesos, ”said Murua.
The specialist indicated that “with the Caution rates to one day getting to three digits at the momentthe rates of short lecaps comfortably above 45% of TNA and the dollar giving from the maximum of last weekmarket instruments look more attractive than the fixed deadline more traditional (that yield between 30% and 34% depending on the bank and the amount) ”.
In that sense, he adds that “the rates in pesos that offer thes Lecaps y Cajución are the best alternative for the management of liquidity of companies or to place those weights that people will need in the short term. ”
For its side Delphos Investment considered that “with rates at maximum levels, We do not believe that the treasure is willing to validate them with a significant prize “ on the next call.
Delphos states that in the face of the bulky maturities of the LECAP that expires on July 31 and the growing liquidity needs of the financial system, “We could anticipate a low rollover rate in the next tender.”
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What is the bond menu for the last July call
According to the information of the Ministry of Finance, the Bond Menu of the next tender is made up of:
–LECAP and BANCAP: With expiration at August 15 (S15G5), August 29 (S29G5), September 12 (S12S5), September 30 (S30s5), October 17 (T17O5), and October 31 (S31O5).
– Linked letters and bonds: Expiration on August 18 (D29G5) and September 30 (D30s5). Both are new instruments. And reopenings, with maturities as of October 31 (D31o5) and December 15 (TZVD5).
– Bonce: Expiration on October 30 (Tzxo6).
Source: Ambito
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